Assumptions used in projection: Explains the information used to generate your benefit estimate
including your job classification (01 = general service, 02 = police and firefighter).
Average monthly salary: this is the monthly salary amount used to calculate your estimated benefit
amount, which is based on the higher of your high 3 years or last 36 months of salary. This also includes any sick
leave or vacation time used in your benefit estimate.
Beneficiary: this is the person you specified in your benefit estimate request. Please note that
this person is only used to develop this estimate. When you file your retirement application, you will need to
designate a beneficiary and PERS will pay your actual benefit based on that beneficiary designation.
Beneficiary’s year of birth: the year that the beneficiary you specified in your benefit estimate
request was born.
Benefit options and amounts: this shows your estimated benefit under all available retirement
options. The first column shows your estimate benefit based on you not making any purchases, while the second column
shows your estimated benefit based on you making all available purchases.
Contract hours: only applies to certified teachers on contract for an academic year and is the
number of hours on an individual’s contract.
Contract salary: only applies to certified teachers on contract for an academic year and is the
amount of salary for an individual’s contract.
Creditable service time: years and months of employment in a PERS-qualifying position (as currently
recorded with PERS) and additional time if you continue to work until the retirement date you specified on the
benefit estimate request form. This does not include any service time that could be added via a purchase(s).
Current account balance: your Tier One or Tier Two member account balance(s) as shown on your most
recent member annual statement, with any adjustments that have been made by your employer(s) for prior years. The
balance also includes the amounts that would be added to your account by making all of the purchases available to
you. Your variable account balance is shown if you have a variable account.
Estimated member cost: the total of all your after-tax member contributions and projected purchase
payments made to PERS. The member cost is tracked for federal and state income tax reporting of PERS benefits. This
estimated member cost includes the after-tax amount of your projected purchases as if you had made all available
purchases.
Granted service: service time that was credited to you only if you received a PERS disability
benefit.
High 3 years: your three highest salary years with a total for all three years.
Last 36 months: your last 36 months of salary with a total for all 36 months.
Option 1 calculation method comparison: shows the estimated benefit amount under the calculation
methods applicable to you (Money Match, Full Formula, and, if eligible, Formula + Annuity). Your benefit is paid
using the calculation method that produces the highest benefit.
P&F unit benefit: this shows payment information for Police & Firefighter members who
participate in units. The “number of payments” is the number of monthly unit payments you are estimated to receive
in retirement. The “monthly benefit” is the monthly payment amount you are estimated to receive in retirement from
your units. The “excess unit payment” shows your estimated unit account balance that is above $4,000. The excess is
paid separately in a lump sum.
Prior service time: service time that some employers provided to employees for work performed
before the employer participated in PERS.
Projected account balance at retirement: this balance is derived from projecting 7.2 percent
earnings on your “current account balance” until your retirement date.
Retirement date: the retirement date you specified for purposes of your benefit estimate.
Service purchases: these are the years and months of creditable service time that you may be
eligible to purchase.
Sick leave hours: the number of accumulated sick leave hours you specified for use in this benefit
estimate. If you left this blank on your benefit estimate request, PERS uses the number of sick leave hours reported
by your employer, if any.
Termination date: the date you terminated from PERS-covered employment or the date you specified as
the last day of work for purposes of your benefit estimate.
Total creditable service with purchases: your years and months of creditable service if you make
all available purchases.
Vacation hours: the number of accumulated vacation hours you specified for use in this benefit
estimate.